Newscenter Media News The World Bank has announced plans to restructure the financing of the $430 Nigeria Digital Identification for Development (ID4D) project to avoid truncation.
This would enable the Bank to guarantee complete disbursement of the $430 million pledged for the project by the financiers.
The restructuring became necessary after Nigeria missed the June 30, 2024 deadline for the completion of the project and co-financiers, the French Development Agency (AFD), and the European Investment Bank (EIB) threatened to cancel their financing if the World Bank ceased to be the implementer of the project after June 30, 2024, initial closure date for the project.
“Both co-financers have indicated that they will cancel their financing if the World Bank is no longer the lead financier and implementer of this project.
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“As such it is critical that the World Bank extend the closing date of the project to allow continuity across all co-financers and avoid any disruptions to good progress made so far and to safeguard the positive impact it has had on Nigeria’s digital identity infrastructure,” the Bank said in the project’s document released recently.
With the restructuring of the project, the Bank said the closure has now been extended by two years to June 30, 2026.
It noted that the extension became necessary for the project to respond to the increasing demand for an inclusive and trusted digital ID system that will strengthen the transparency, efficiency, and effectiveness of governance and the delivery of public services and programs.
It would be recalled that Nigeria missed several targets set for the project, including enrolling 148 million people for a National Identification Number (NIN) by June 2024.
The Bank also disclosed that the country has yet to meet one of three conditions for the disbursement of the complete $430 million for the project.
By: Babajide Okeowo
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